"The housing demand a year ago was unprecedented in the Houston community," he explained. "The unemployment rate in Houston is lower today than a year ago, and Houston's population growth is pretty remarkable."

Welbes said that 150,000 people per year are moving into the greater Houston area - and most are settling in neighborhoods on the west side of Interstate 45.

He said the construction industry has struggled to keep up with the demand for new homes.

"There's not enough labor to build the homes and apartments needed," he said. "Things are selling before they are listed."

Alex Sutton, who serves as co-president with Welbes, said The Woodlands now has a population of more than 108,000 with about 1,900 employers and 54,500 employees.

The total assessed value of property in the area is $15.7 billion.

He said The Woodlands is an entertainment destination for Houston - with 525,000 annual visits to the Cynthia Woods Mitchell Pavilion, as well as a seasonal ice rink, golf courses and the Woodlands Waterway Arts Festival.

Sutton said office space is at 4.6 percent vacancy. He said there remains another 900 acres of commercial land and 2,100 lots for residential development.

Construction boom

Sutton said construction continues in the Village of Creekside Park, East Lake, Town Center and Hughes Landing.

The Millennium Waterway Avenue Apartments, for example, will add 314 residences to the community.

"We'll be renting shortly," Sutton said. "It will open this summer, and we're keeping residents in our Town Center."

He said that new office spaces constructed recently include 3 Waterway Square and the new Anadarko Tower. Sutton said a new hotel will be added to Waterway Square, as well as another office tower.

In Hughes Landing, Sutton said plans continue to be refined for the 66-acre mixed-use development. The 40,000-square-foot Whole Foods building is under construction.

"Whole Foods has been great to work with and has been very innovative," he added.

A hotel will also be added to the development.

"We think it will be a good addition to the office park and will serve a real need there," Sutton said.

An entertainment venue and the "restaurant row" will also draw residents and visitors to Hughes Landing, he added. The retail and dining options will open in 2015.

A new eight-story apartment is planned for the mixed-use development, with 20,000 square feet of retail on the first floor. There are also plans for additional office buildings along the lake.

Sutton said Hughes Landing will in many ways mirror the Town Center development.

"We're taking some of the things we've learned in Town Center and applying them here," he said.

Bruce Tough, chairman of The Woodlands Township, said that the community continues to draw residents and businesses because of its low tax rate. He said that the current property tax rate for The Woodlands is 29.4 cents per $100 evaluation.

"We have a strong local government with a low tax rate and strong operating reserves," Tough said.

He also credited a focus on public safety and the development of parks and recreation with the success of the community.

Tough said that The Woodlands Township understands the importance of fostering economic development in the area - and for maintaining a low property taxes while keeping service levels high.

"Economic development is vital," he said. "We're a government, and we get it. We know we need to work with our businesses for our continued success."